Tanger Inc. reported strong financial and operating results for the second quarter ended June 30, 2025, on August 5, 2025, and subsequently raised its full-year 2025 guidance. The company increased its estimated diluted FFO per share to a range of $2.24 to $2.31, up from the previous range of $2.22 to $2.30. Similarly, the guidance for Same Center NOI growth was raised to 2.5% to 4.0%, from the prior 2.0% to 4.0%.
Operational performance continued to be robust, with leasing activity marking the 14th consecutive quarter of positive blended average rental rates at 12.0% on a cash basis for comparable space over the trailing twelve months ended June 30, 2025. Re-tenanted rent spreads were 28.0%, and renewal rent spreads were 10.1%. The company executed 625 leases totaling 2.8 million square feet during this period, demonstrating strong tenant demand.
Tanger also continued its proactive balance sheet management. In April 2025, the mortgage for Tanger Outlets Memphis was amended, increasing borrowings to $61.7 million and extending maturity to April 2030, with an interest rate swap placed in May 2025 fixing Daily SOFR at 3.51% until April 2029. Additionally, the Tanger Outlets Houston mortgage was refinanced in June 2025, increasing borrowings to $60.0 million, reducing the interest rate, and extending maturity to June 2030. These actions enhance financial flexibility and stability.
The company's strategic initiatives, including remerchandising and enhanced marketing, are driving shopper engagement and traffic. The raised guidance for both FFO and Same Center NOI reflects management's confidence in the company's operational execution and its ability to generate continued growth and value for stakeholders.
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